China Jinmao Involved In Corruption Probe

October 26, 2017

NewsStandOnline.Net (26-October-2017): Chinese state-backed developer China Jinmao Holdings, said its Hong Kong office was searched in a corruption probe.

The company’s shares fell as much as 3.3% in Hong Kong last night and JPMorgan Chase downgraded the stock.

Jinmao and its units are not the subject of the investigation, the company said in a filing to Hong Kong’s stock exchange, adding that Chief Financial Officer Jiang Nan was asked to visit the Independent Commission Against Corruption as part of the probe.

China Jinmao Involved In Corruption Probe

The real estate arm of Sinochem Group, Jinmao is a mid-sized builder, ranking 27th in China last year by sales, according to China Real Estate Information Corp.

Besides developing high-end residential projects, the group owns office buildings, hotels and malls. It built the Jin Mao Tower, an iconic skyscraper in Shanghai’s Pudong district.

The investigation relates to section 9 of the Prevention of Bribery Ordinance, a law that covers corrupt transactions with “agents” rather than public officers.